Cronos Group Inc (NASDAQ: CRON) said Tuesday that it's expanding its research and development program by opening a facility in Israel that will be focused on cannabinoid devices.
What Happened
Cronos Device Labs, the company's new R&D facility, is intended to support Cronos Group's efforts to develop next-generation vaporizer products for cannabinoid applications.
It will serve as the global center of Cronos' R&D program for vaporizer devices and host a team of 23 people, including product designers; mechanical, electrical and software engineers; and analytical and formulation scientists, the company said.
Together, they have more than 80 years of experience in vaporizer development, Cronos said.
Why It's Important
Flower dominates cannabis sales around the world, but vaporization is quickly catching up — and many experts believe that it has the potential to become as popular as flower among consumers.
Vaporization is viewed by many as a more convenient consumption method, and it also allows users to take advantage of the full-spectrum effects of cannabis in a consistent and controlled manner.
Cronos shares were down 5.51 percent at $15.44 at the close Tuesday.
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